Anaplan (NYSE:PLAN) Shares Gap Down on Insider Selling

Anaplan Inc (NYSE:PLAN) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $49.76, but opened at $48.31. Anaplan shares last traded at $47.11, with a volume of 2911077 shares traded.

Specifically, insider Frank Calderoni sold 149,188 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $34.79, for a total transaction of $5,190,250.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO David Ying Xian Chung sold 1,720 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $35.45, for a total value of $60,974.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 445,214 shares of company stock worth $18,349,010. Insiders own 37.20% of the company’s stock.

Several research analysts have recently weighed in on PLAN shares. Needham & Company LLC restated a “buy” rating and set a $38.00 target price on shares of Anaplan in a report on Friday, February 22nd. JMP Securities boosted their target price on Anaplan from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, May 28th. FBN Securities started coverage on Anaplan in a report on Thursday, April 11th. They set an “outperform” rating and a $45.00 target price on the stock. KeyCorp restated a “hold” rating on shares of Anaplan in a report on Tuesday, May 28th. Finally, Zacks Investment Research cut Anaplan from a “hold” rating to a “sell” rating in a report on Wednesday, February 27th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Anaplan presently has an average rating of “Buy” and a consensus target price of $41.42.

The firm has a market cap of $6.11 billion and a P/E ratio of -27.18.

Anaplan (NYSE:PLAN) last released its quarterly earnings data on Tuesday, May 28th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.18. The business had revenue of $75.80 million during the quarter, compared to analyst estimates of $70.66 million. The company’s revenue was up 46.9% compared to the same quarter last year. Sell-side analysts forecast that Anaplan Inc will post -1.16 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLAN. Rhumbline Advisers acquired a new position in Anaplan in the fourth quarter valued at approximately $643,000. TD Asset Management Inc. acquired a new position in Anaplan during the fourth quarter worth $391,000. Breakline Capital LLC acquired a new position in Anaplan during the fourth quarter worth $738,000. First Trust Advisors LP acquired a new position in Anaplan during the fourth quarter worth $2,769,000. Finally, BlackRock Inc. acquired a new position in Anaplan during the fourth quarter worth $30,057,000. Hedge funds and other institutional investors own 35.80% of the company’s stock.

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About Anaplan (NYSE:PLAN)

Anaplan, Inc engages in the provision of cloud-based connected planning platform that helps connect organizations and people to make better and faster decisions. It also offers professional services, including consulting, implementation, and training. The company was founded by Michael Gould, John David Guy Haddleton, and Sue Haddleton in 2006 and is headquartered in San Francisco, CA.

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